phoenixwicks9

Polkadot appears poised for a potential move, having taken liquidity and expanded impulsively. The recent fill of the fair value gap (FVG) at the consequent encroachment level, coupled with holding above the order block, suggests a bullish outlook. Continued accumulation at these levels could potentially lead to higher targets in the coming weeks.Please note, this is not financial advice; manage your risk accordingly.

Price has maintained its position above the daily support level since November 14th, 2024.Key Observations:1. A buy-side imbalance and sell-side inefficiency(BISI) or Fair Value Gap(FVG) formed on the 4-hour timeframe, indicating strong buying pressure on the daily support level.2. Price is currently holding above the 4-hour order block, partially mitigating the Institutional Order Flow Entry Drill(IOFED) [top half of the FVG].Near-term Scenarios:1. Price holds above the 4hrs order block, maintaining bullish momentum.2. Break and retest of the trend line will be followed by a potential rally to the trend-based Fibonacci extension level of 1.618.3. Price revisits the Consequent Encroachment(CE) [midway point of the FVG] properly mitigating it, and building momentum for a potential move to the trend-based Fibonacci extension level of 1.618.Key Levels to Watch:- Daily support level- 4-hour order block- Trend line- Trend-based Fibonacci extension level of 1.618- Consequent Encroachment Level of the FVGRemember, this analysis is for educational purposes only and should not be considered financial advice. Always practice good risk management.Successfully entered at the Fair Value Gap (FVG) and the trade is currently in profit. Risk Management: Stop loss has been adjusted to break even. Next Steps: Awaiting a daily candle close above the trend line. If confirmed, I'll look to add more positions at the retest on a smaller timeframe.